Rub Flour Into Roast. Brush Off Excess. Heat Oil In A 5 Quart Dutch Oven Along With 2 Tb. Butter, Over Medium High Heat. Add Beef Roast And Brown On All Sides. Add Bay Leaf, Pepper, Thyme, Beef Broth And Water. Bring To A Boil. Cover And Place In A 350 Deg F. For 1 1/2 Hours. Add Onions And Carrots. Continue To Cook For 1 Hour Or Until Vegetables And Roast Are Tender When Pierced With A Fork. Transfer Meat And Vegetables To A Warm Platter. Skim Fat Off Liquid In The Pan. Pour Drippings Into A 2 Cup Glass Measure. Add Water If Necessary To Make Two Full Cups. Melt Remaining 3 Tb. Butter In Dutch Oven. Add 3 Tb. Flour. Cook Stirring Until Bubbly. Remove From Heat. With A Wire Whisk, Gradually Stir In Reserved Drippings. Return The Mixture To The Dutch Oven And Cook Until Thickened, Stirring Constantly. Serve With The Roast.